Answer: A prior period adjustment was made to reflect $4,357,500 in FEMA funds and $4,576,256 in SCIIP grant receivables.
Trend: This adjustment indicates ongoing financial management and compliance with grant reporting requirements.
List: Follow up on the accuracy of these adjustments and ensure proper documentation is maintained for future audits.
Finding Text
3. Recording a prior period adjustment to opening retstricted net assets and grant receivable for $4,357,500 from FEMA, and $4,576,256 from SCIIP grant.
Corrective Action Plan
1. We have reviewed internal policies and procedures to identify existing and unidentified internal control weaknesses. Our intent is to establish an internal control structure sufficient to satisfy our needs and to comply with regulatory and industry standards for an effective control structure to proactively identify and remediate identified and potential control weaknesses.